Don't let it get away!

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Coherent (Nasdaq: COHR) fell nearly 12% in early trading, as investors appeared to want better guidance from the photonics specialist.

So what: Fiscal third-quarter results were solid if unspectactular. Revenue grew 26.5% to $210.9 million, while profit rose 25.8% to $0.83 a share. Analysts had been calling for $206.95 million and $0.83, respectively, according to data compiled by Yahoo! Finance.

Now what: But again, investors didn't care about the revenue beat. During its call with analysts, Coherent said fourth-quarter revenue could come in between $205 million and $212 million. Analysts are projecting $211.9 million. So by the numbers, there's virtually zero chance of Coherent beating estimates next quarter -- and on Wall Street, anything less than a beat is a miss. Do you agree? Disagree? Let us know what you think using the comments box below.

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Tim Beyers first began writing for the Fool in 2003. Today, he's an analyst for Motley Fool Rule Breakers and Motley Fool Supernova. At Fool.com, he covers disruptive ideas in technology and entertainment, though you'll most often find him writing and talking about the business of comics. Find him online at timbeyers.me or send email to tbeyers@fool.com. For more insights, follow Tim on Google+ and Twitter.